Whether you are growing your fleet or upgrading, our financial experts will work diligently to provide you with financial solutions that are tailored for your University or Private Flight School needs. Operating Leases An operating lease is an agreement to use and operate an asset without the transfer of ownership. This arrangement allows for greater flexibility to upgrade aircraft which reduces the risk of obsolescence. Municipal Leasing A municipal or tax-exempt lease is a financing method used as alternative to purchasing an asset with cash, using an operating lease, or issuing bonds.